Correlation Between Altair Engineering and SIMON
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By analyzing existing cross correlation between Altair Engineering and SIMON PROPERTY GROUP, you can compare the effects of market volatilities on Altair Engineering and SIMON and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Altair Engineering with a short position of SIMON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altair Engineering and SIMON.
Diversification Opportunities for Altair Engineering and SIMON
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Altair and SIMON is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Altair Engineering and SIMON PROPERTY GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIMON PROPERTY GROUP and Altair Engineering is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Altair Engineering are associated (or correlated) with SIMON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIMON PROPERTY GROUP has no effect on the direction of Altair Engineering i.e., Altair Engineering and SIMON go up and down completely randomly.
Pair Corralation between Altair Engineering and SIMON
Given the investment horizon of 90 days Altair Engineering is expected to generate 0.37 times more return on investment than SIMON. However, Altair Engineering is 2.67 times less risky than SIMON. It trades about 0.25 of its potential returns per unit of risk. SIMON PROPERTY GROUP is currently generating about -0.16 per unit of risk. If you would invest 10,530 in Altair Engineering on November 3, 2024 and sell it today you would earn a total of 505.00 from holding Altair Engineering or generate 4.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Altair Engineering vs. SIMON PROPERTY GROUP
Performance |
| Timeline |
| Altair Engineering |
| SIMON PROPERTY GROUP |
Altair Engineering and SIMON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altair Engineering and SIMON
The main advantage of trading using opposite Altair Engineering and SIMON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altair Engineering position performs unexpectedly, SIMON can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in SIMON will offset losses from the drop in SIMON's long position.| Altair Engineering vs. Global Blue Group | Altair Engineering vs. EverCommerce | Altair Engineering vs. CSG Systems International | Altair Engineering vs. Consensus Cloud Solutions |
| SIMON vs. Diageo PLC ADR | SIMON vs. HUTCHMED DRC | SIMON vs. National Beverage Corp | SIMON vs. Teleflex Incorporated |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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